Source | Ma Ye Finance

Life is always full of drama. On May 3rd, 2065438, the Supreme People's Court publicly pronounced the case of Zhang Wenzhong, the founder of Wumart Group. The original judgment was revoked and Zhang Wenzhong was acquitted. The fines imposed by the original judgment and the recovered property shall be returned according to law.

A year later, Cui Jun, a billionaire private tycoon with close ties to Xinhua Department Store under Wumart Group, was arrested, which was embarrassing. On the evening of June 26th, Yin Bao official website reported that Cui Jun, the largest shareholder of the company, had been arrested.

At the beginning of this century, Cui Jun was still struggling in the capital market and just emerged. At that time, Zhang Wenzhong was already a big boss in the private department store industry, and Wumart Group, which was founded, became the first private department store in Hong Kong. In 2006, Zhang Wenzhong acquired the shares of Xinhua Department Store held by SASAC in Ningxia and became the actual controller of Xinhua Department Store. A few months later, Zhang Wenzhong was arrested and imprisoned for fraud, unit bribery and misappropriation of funds.

In 2008, investors in China's capital market were unfamiliar with the word "barbarian". Cui Jun has been popularizing market knowledge with actions. Become the second largest shareholder of the horse racing industry (now renamed "Ningxia Building Materials", 600559). SH) Reorganize the board of directors through private equity and prepare to compete for control of listed companies. Although Cui Jun finally failed to complete the invasion because of its high share price, it still made a lot of noise.

Since then, Cui Jun has been out of control, challenging the major shareholders of many listed companies such as North China Expressway, China Merchants Bank and Zhong Bai Group. In the end, Cui Jun ended in failure, either because of the high share price or because of the nature of the major shareholder.

It is reported that Cui Jun has always wanted to gain control of listed companies through equity acquisition, just like Buffett's Berkshire Hathaway, and finally entered the decision-making level of the company.

"We want to establish a Berkshire Hathaway company (Buffett's company) in China, and let it create the myth of earning 30% a year." Cui Jun once told china securities journal reporter ambitiously.

After several failed attempts to challenge the controlling rights of the major shareholders of listed companies, Cui Jun was still unwilling. On 20 12, Cui Jun and Cheng Jian established the Yin Bao, Cheng Jian was responsible for raising funds, and Cui Jun continued his dream of China Buffett.

Therefore, the battle of Xinhua Department Store became an important turning point in Cui Jun. According to Cheng Jian's team in Yin Bao, Cheng Jian was responsible for raising funds and Cui Jun was responsible for investment research. Then the biggest reason why they finally turned against each other may be the equity dispute between Yin Bao Department and Wumart Department for Xinhua Department Store.

20 15 Almost at the same time as the "Wanbao dispute", "Yin Bao Department" took a fancy to Xinhua Department Store (600785. SH), controlled by shareholders of private enterprises.

2065438+On February 9th, 2005, Xinhua Department Store announced that Shanghai Yin Bao and its concerted parties have already held 32% of the shares of the company, becoming the largest shareholder of the company, and it is not ruled out that they will continue to increase their shares in Xinhua Department Store by tender offer in the next 12 months.

Prior to this, Shanghai Yin Bao and Shanghai Zhao Ying, two platforms of Yin Bao Department, had advertised Xinhua Department Store six times.

As of the announcement, the non-public offering of shares of Xinhua Department Store has exceeded 70%. According to relevant regulations, the shares held by public shareholders of listed companies for 20 consecutive trading days shall not be less than 25% of the company's total share capital, otherwise delisting will be considered.

Therefore, in the face of the 75% red line, both sides are more cautious. When Cui Jun was frantically sweeping goods, Wumart Group, the former largest shareholder of Xinhua Department Store, and Beijing Green Logistics Information, the concerted action, also increased their holdings many times, and regained the position of the largest shareholder on February 8, 20 16.

For Wumart Group, we certainly don't want Xinhua Department Store to be delisted. For Cui Jun, it has always been said that "tender offer is not excluded".

Who would have thought that Wumart Holdings used the "tender offer" method.

2065438+On July 20th, 2008, Wumart Holdings issued a partial offer to all shareholders of Xinhua Department Store. Wumart Holdings said that due to optimistic about the company's future development prospects, this tender offer is not aimed at terminating the listing status of listed companies. At that time, the market generally believed that Wumart Holdings intended to consolidate its controlling stake.

According to the first quarterly report of Xinhua Department Store, the shareholding ratio of Wumart Holdings and its concerted parties is 34.93%, and the shareholding ratio of Yin Bao, the second largest shareholder, is 32.98%. The difference in shareholding ratio between them is less than 2%, and the equity crisis has not been lifted.

Soon, Wumart announced the further plan of tender offer, and the proposed tender offer does not exceed 6% of the total issued shares of Xinhua Department Store. Until the beginning of September, the tender offer landed. Wumart Holdings finally offered to acquire about 5. 1% of the shares, and the total shareholding ratio of Wumart Department reached 40%.

As a result, the total number of non-public offering shares of Xinhua Department Store is close to 74%, just one step away from the red line of 75%, which almost "blocked" Yin Bao's possible follow-up increase plan.

"Wu Mei Department" and "Yin Bao Department" are still playing several rounds of cards for the company's dividends and amendments to the articles of association. In the case that the major shareholder and the second shareholder are at loggerheads, the third largest shareholder of Xinhua Department Store simply took the opportunity to reduce some of its shares.

However, the "Yin Bao Department", which is tit for tat with Wumart Department, has been silent for a lot since then, and Cui Jun, the major shareholder, has not expressed his position on this matter. The competition between the two sides for the controlling stake in Xinhua Department Store seems to be quietly going on.

Until recently, this strange thing happened inside the "Yin Bao Department", and the media seemed to think of the equity dispute of Xinhua Department Store. This equity battle seems to have ushered in a day of clouds and fog.

Two months ago, on April 22nd, Shanghai Yin Bao announced that Cui Jun, the largest shareholder and legal representative of the company, had been put on file for investigation by the public security organs for alleged job embezzlement, and now he was wanted all over the country, and Wang Min, the former senior executive, had also been expelled from the company. Cheng Jian, the second largest shareholder, said that he would assist the public security organs to investigate the responsibilities of other people involved.

At that time, there was a voice that "filing a case for investigation" was a rumor.

According to the report of China Business News, Wang Min, a former executive of Yin Bao, said that they had submitted materials to relevant departments. /kloc-In April of 0/5, Cheng Jian changed the backstage password of the company's private equity fund in the China Foundation by forging the legal person's signature and official seal, and attempted to defraud the company's property and fund property by forging the official seal, which violated the criminal law. He also conspired with the dismissed employee Wang Liping to publish a false announcement of forging the official seal on the website.

According to Tianyancha, Wang Liping is the legal representative of three companies under the Yin Bao Department.

At that time, Wang Liping, a key figure involved in mutual accusations, told Ma Ye Finance: "I left my job a month ago, and I stopped contacting all the website passwords he said when I left. You should know the truth as much as possible, and I hope that one day the truth will come out without hurting the innocent. "

Cheng Jian's team accused Cui Jun and Cui Jun of misappropriating 90 million yuan from Baoying Chuangying for the brand Xinhua Department Store. In June 5438+10 last year, after discovering the huge losses of the fund, investors looked up the relevant information of Cui Jun and went to the public security organ to report the case.

On the evening of June 26th, the official website of Yin Bao said that Cui Jun had been arrested. Also known as "2018165438+128, Hongkou Public Security Bureau filed an investigation on Cui Jun's alleged job embezzlement case. I learned from the police handling the case that Cui Jun was criminally detained by Hongkou Public Security Bureau in May 19, and Cui Jun was arrested by Shanghai Hongkou District People's Procuratorate in June 19. "

This time, Wang Min is not as fierce as last time. She said that Cui (Cui Jun's daughter), the person in charge of the company, had not received the written notice from the public security organ. At that time, Wang Min made it clear that Cui Jun did not appear in court, and said that the public security organ would not file a case of Cui Jun's misappropriation of fund property at all.